13. Manuel lends Jahib $75 for 3 days. Manuel is paid back $80. Interest is compounded daily. Determine the annual interest rate of the loan. What interest rate per compounding period did Manue receive? Complete your calculations in one step to get the correct results. Express both answers as a percent to two decimal places. a. 66.67%, 0.18% b. 800.02%, 3.00% C. 793.73%, 2.17%

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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13. Manuel lends Jahib $75 for 3 days. Manuel is paid back $80. Interest is compounded daily.
Determine the annual interest rate of the loan. What interest rate per compounding period did Manuel
receive? Complete your calculations in one step to get the correct results. Express both answers as a
percent to two decimal places.
a. 66.67%, 0.18%
b. 800.02%, 3.00%
C. 793.73%, 2.17%
d. 666.67%, 18.00%
Transcribed Image Text:13. Manuel lends Jahib $75 for 3 days. Manuel is paid back $80. Interest is compounded daily. Determine the annual interest rate of the loan. What interest rate per compounding period did Manuel receive? Complete your calculations in one step to get the correct results. Express both answers as a percent to two decimal places. a. 66.67%, 0.18% b. 800.02%, 3.00% C. 793.73%, 2.17% d. 666.67%, 18.00%
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